Blackrock Tcp Capital Corp. · NASDAQ:TCPC

Blackrock Tcp Capital — Q1 2025 Earnings Presentation

22 slides from Blackrock Tcp Capital's earnings presentation, Mar 31, 2025

  1. Slide 1: BlackRock TCP Capital Corp. Investor presentation

    BlackRock TCP Capital Corp. Investor presentation March 31, 2025

  2. Slide 2: First Quarter 2025 Financial Highlights and Portfolio Overview

    First Quarter 2025 Financial Highlights and Portfolio Overview  Adjusted NII1 of $0.36 per share, exceeded the regular first quarter dividend per share of $0.25 paid on March 31; Annualized adjusted NII ROE of 15.4% for the first quarter  Declared a second quarter regular dividend of $0.25 per sha

  3. Slide 3: Middle market lending ― an enduring opportunity

    Middle market lending ― an enduring opportunity Market Continued Strong credit size growth performance ~200,000 U.S. Middle Market 85% of middle market companies Middle Market loans have businesses representing one-third reported year-over-year revenue historically experienced of private sector GDP,

  4. Slide 4: Diversified portfolio: emphasis on less-cyclical businesses

    Diversified portfolio: emphasis on less-cyclical businesses Robust downside Portfolio emphasis Each portfolio analysis on less-cyclical company investment performed at companies subject to rigorous underwriting, with an emphasis on companies with strong covenants; quarterly review investments in cyc

  5. Slide 5: Diversified portfolio: emphasis on less-cyclical businesses

    Diversified portfolio: emphasis on less-cyclical businesses Industry diversification1 14.0% Internet Software and Services 12.9% Software 11.2% Diversified Financial Services 7.0% Professional Services 6.7% Diversified Consumer Services 4.1% Health Care Technology 3.2% Healthcare Providers and Servi

  6. Slide 6: Diversified portfolio: conservatively positioned

    Diversified portfolio: conservatively positioned Diversified income contribution $1.8 billion 98 portfolio fair value # of portfolio companies contributing2 90% of portfolio is senior secured debt 12.2% weighted average effective yield 27 on debt portfolio1 4 More than 74% 3 of our portfolio compani

  7. Slide 7: Strategically positioned balance sheet

    Strategically positioned balance sheet Predominantly first lien, Diverse capital structure3 floating rate asset portfolio: 3/31/20251 First lien 82.5% 3/31/2025 Second lien 7.5% Junior 0.1% 6% 13% Equity 9.9% 42% 3/31/20252 Floating rate 94.0% Fixed rate 6.0% 39% Loans on non-accrual: 3/31/2025 % of

  8. Slide 8: Well-covered dividend

    Well-covered dividend Adjusted net investment income of $0.36 Declared Q2 2025 regular dividend of $0.25 per share per share in Q1 20251. and special dividend of $0.04 per share Out-earned quarterly regular dividend of $0.25 per Payable on June 30, 2025, to stockholders of record as of the share pai

  9. Slide 9: Competitive advantages of BlackRock

    Competitive advantages of BlackRock BlackRock’s Private Debt platform creates substantial scale and scope that provides insight, access and expertise in sourcing, underwriting and managing differentiated investments. Global credit Information edge One stop shop expertise Broad access to Full range o

  10. Slide 10: Well-positioned to manage through the cycle

    Well-positioned to manage through the cycle Late cycle Downturn Early cycle Mid cycle Tight financing Excess demand Excess capacity Easy financing Strategy attributes are well-positioned to withstand a downturn. • Senior secured, top of the • Diverse portfolio by issuer, • Depth of workout and capit

  11. Slide 11: Net asset value ("NAV") bridge ― first quarter 2025

    Net asset value (“NAV”) bridge ― first quarter 2025 Quarter over quarter NAV decreased, primarily driven by net realized and unrealized losses and dividends paid, offset by NII during the quarter $10.00 $9.90 $9.80 $9.70 $9.60 $0.36 $9.50 $0.39 $9.40 $9.30 $9.23 $9.20 $- $9.18 $(0.29) $9.10 $(0.51)

  12. Slide 12: Strong track record

    Strong track record Book value per share Annualized return on Annualized cash Annualized total invested assets:1 return:2 return on equity:3 and dividends paid 9.5% 9.7% 6.6% $35.00 As of 3/31/2025: $27.77 $30.00 $25.00 $20.00 $15.00 $10.00 $5.00 $0.00 Book Value per Share Cumulative Dividends Paid

  13. Slide 13: Diversified sources of funding

    Diversified sources of funding TCPC is investment grade rated by Fitch Capacity Drawn Amount Available Source Pricing % Maturity (in millions) (in millions) (in millions) 1 2 Operating Facility $ 300.0 $ 120.0 $ 180.0 S+2.00% August-29 3 4 Funding Facility II $ 200.0 $ 100.0 $ 100.0 S+2.05% August-2

  14. Slide 14: Investor friendly advisory fee structure

    Investor friendly advisory fee structure BlackRock TCP Capital Corp. Typical externally managed BDC1 1.25% on assets up to 200% of the net 1.00%-1.75% on gross assets (up to 1.0x Base asset value of TCPC; 1.0% on assets that debt to equity; 1.0% above 1.0x debt to management exceed 200% of the net a

  15. Slide 15: Quarterly operating results

    Quarterly operating results 2024 2025 Unaudited ($ in thousands, except per share amounts) Q1 Q2 Q3 Q4 Q1 Investment income Interest and PIK interest income $ 54,702 $ 69,032 $ 69,225 $ 58,452 $ 52,574 Dividend income 1,026 2,491 1,580 2,785 3,314 Other income 1 3 127 12 1 Total investment income 55

  16. Slide 16: Financial highlights

    Financial highlights 2024 2025 Unaudited Audited Unaudited ($ per share) Q1 Q2 Q3 Q4 Q1 Net investment income 0.46 0.42 0.40 0.40 0.38 Adjusted net investment income1 0.45 0.38 0.36 0.36 0.36 Net realized and unrealized gain (loss) (0.37) (1.02) (0.14) (0.85) (0.13) Adjusted net realized and unreali

  17. Slide 17: Portfolio highlights

    Portfolio highlights 2024 2025 Asset mix of the investment portfolio Q1 Q2 Q3 Q4 Q1 (in thousands) Senior secured debt $ 1,935,144 $ 1,804,749 $ 1,729,172 $ 1,637,557 $ 1,591,927 Junior debt 19,223 13,918 5,946 5,016 2,353 1 Equity 162,052 162,243 173,971 152,185 174,994 Total investments $ 2,116,41

  18. Slide 18: Quarterly balance sheets

    Quarterly balance sheets 2024 2025 (in thousands, except per share data) Unaudited Audited Unaudited Assets Q1 Q2 Q3 Q4 Q1 Investments at fair value $ 2,116,419 $ 1,980,909 $ 1,909,089 $ 1,794,758 $ 1,769,274 Cash and cash equivalents 120,573 194,669 104,182 91,590 99,115 Accrued interest income 35,

  19. Slide 19: Endnotes – Non-GAAP Financial Measures

    Endnotes – Non-GAAP Financial Measures On March 18, 2024, BlackRock TCP Capital Corp. (“the Company”) completed its previously announced Merger with BlackRock Capital Investment Corporation (“BCIC”) . The Merger has been accounted for as an asset acquisition of BCIC by the Company in accordance with

  20. Slide 20: Endnotes – Internal Investment Rating System Overview

    Endnotes – Internal Investment Rating System Overview TCPC’s Advisor employs a grading system for its entire portfolio in which all loans are rated on a scale of 1 to 4. This system is intended to reflect the Advisor’s assessment of the performance of the borrower’s business, the collateral coverage

  21. Slide 21: Corporate information

    Corporate information Securities listing Transfer agent NASDAQ: TCPC Computershare Inc. (866) 333-6433 (from U.S.) Research coverage (201) 680-6578 (from outside U.S.) wwww.computershare.com/investor • Keefe, Bruyette & Woods • Ladenburg Thalmann Corporate headquarters • Oppenheimer • Raymond James

  22. Slide 22: Important notes

    Important notes Prospective investors considering an investment in BlackRock TCP Capital Corp. (“we”, “us”, “our”, “TCPC” or the “Company”) should consider the investment objectives, risks and expenses of the Company carefully before investing. This information and other information about the Compan

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